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Business and Financial Policies and Procedures

6.4.1 Purchase Insurance

Policy Statement

The University Office of Risk Management determines whether commercial insurance is needed. The University complies with the Illinois Procurement Code when purchasing insurance. When the Office of Risk Management and the Purchasing Division estimate the premium will exceed the Illinois Procurement Code bid limit, they use a competitive bid process.

Procedure

To purchase insurance:

  1. Identify what might be at risk.
  2. Consult with the University Office of Risk Management.
  3. Submit a written request for coverage so the Office of Risk Management can obtain a quote or develop bid specifications. Include the CFOAP number to be charged for the premium.

Additional Resources

Illinois Procurement Code

Last Updated: January 31, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2010

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